Bitget Unveils Daily Rewards for Yield-Bearing Bitcoin Token

Bitget has upgraded its yield-bearing Bitcoin token, BGBTC, to offer daily rewards in BTC. The upgrade maintains the token's one-to-one backing by Bitcoin and introduces a faster redemption process for large orders.

The exchange also integrated additional risk controls and disclosures with the update. BGBTC holders can now use the token as futures margin or lending collateral, and commit it to Launchpool and PoolX.

Bitget has partnered with Chainlink's Cross-Chain Interoperability Protocol for cross-chain transfers of BGBTC, expanding on its earlier use of Chainlink Proof of Reserve. An independent Curator framework, led by Gauntlet, oversees the strategies behind the token, separating decision-making from asset custody.

Bitget CEO Gracy Chen stated that 'the next stage isn't simply holding Bitcoin, it's making it productive.' This upgrade is part of the exchange's plan to connect centralized and decentralized finance through infrastructure collaborations with Morph and Chainlink.